Prada Nine-Month Net Triples as Asian Shoppers Buy More Luxury

Prada SpA, the Italian fashion
company that’s exploring options to revive an initial public
offering, said nine-month profit “tripled” as shoppers in Asia
spent more on its products.

Net income rose to 156 million euros ($208.2 million) the
Milan-based company said today in a statement, without providing
a year-earlier figure. Revenue increased 31 percent to 1.39
billion euros. Sales grew in all markets, rising 51 percent in
Asia, excluding Japan, 27 percent in the U.S. and 20 percent in
Europe, Prada said.

Sales of luxury goods may climb this year to the highest
level since 2007, led by demand in China and a rebound in the
U.S., Bain & Co. estimates. Prada said Oct. 6 it was monitoring
market conditions for a possible IPO and considering a listing
in Hong Kong.

Earnings before interest, taxes, depreciation and
amortization advanced to 330 million euros, the company said,
without providing a year-earlier figure. Prada directly operates
310 stores in 65 countries under its eponymous brand and the Miu
Miu, Church’s and Car Shoe labels.

The Italian fashion company’s revenue may reach 2 billion
euros in 2010, while Ebitda may be between 450 million euros and
500 million euros, three people familiar with the situation said
last month.